Faulk will earn $2.5 million next season with annual increases through 2019-20, when he will make $6 million. The average annual salary-cap figure will be $4.833 million.

In just his third NHL season, Faulk has three goals and 21 assists for 24 points in 65 games in 2013-14. He was selected to the U.S. Olympic team earlier this year.

"Justin has proven to be among the best young defensemen in the league as confirmed by his selection to the U.S. Olympic team," said Hurricanes president and general manager Jim Rutherford in a statement Monday. "He has been and will continue to be the anchor of the Hurricanes' defense for years to come."

Faulk, who just turned 22 years old last week, has 16 goals and 45 assists for 61 points in 169 games with the Hurricanes. Carolina selected the Minnesota native in the second round of the 2010 NHL Entry Draft.